The New Straits Times

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from January 01, 2004
Last Document: October 30, 2014

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The New Straits Times, October 30, 2014

News

Ioi Corp Upbeat On Indonesian Ventures

PUTRAJAYA: IOI Corp Bhd is optimistic that its Indonesia's ventures will begin contributing significantly to the group within the short to medium term, especially on the back of the recent inauguration of the country's new president Joko Widodo. The fully-integrated upstream and downstream player in the palm oil industry currently has 89 estates totaling 174,061ha, with nine per cent located in Indonesia.

Overwhelming Response to I-City's Liberty Tower

SHAH ALAM: Liberty Tower @i-City, a high rise tower block, has generated overwhelming 250 bookings at a recent property fair organised in i-City. The New York-themed property is located within i-City's 29.2 hectares Ultrapolis, adjacent to CentralPlaza @i-City shopping mall.

Bsn Targets 6,000 Ebb Agents by Year-End

KUALA LUMPUR: Bank Simpanan Nasional (BSN) targets to recruit 6,000 registered banking agents (EBB) by end-2014 to make bill payments more convenient for customers. Its deputy chief executive of community banking Yunos Abdul Ghani said there are 5,222 EBB BSN premises nationwide since its launch on June 14 2012.

`Sukuk New Funding Source'

THE global sukuk market potential is well recognised to meet the infrastructure needs of regions such as Africa, Asia and Gulf Cooperation Council countries (GCC), said Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz. "Given the sheer size of these projects, equity and government budgets cannot be the only source of financing for this next phase of economic growth and industrialisation in our regions. The sukuk market has become a potentially important new source of funding for such...

Marc Best Islamic Rating Agency

KUALA LUMPUR: Malaysian Rating Corporation Bhd (MARC) was named the Best Islamic Rating Agency 2014 by the Global Islamic Finance Awards (GIFA). MARC's chief executive officer Mohd Razlan Mohamed received the award at the GIFA gala dinner awards ceremony held in Dubai on Monday in conjunction with the World Islamic Economic Forum (WIEF) 2014 week.

Lower Profit Forecast for Nestle

NESTLE (Malaysia) Bhd has told analysts that although its domestic sales grew by only 5.8 per cent year-on-year, the company considers the achievement encouraging as the growth rate was above the industry average. To boost profits, the company will continue to focus on increasing its operating efficiency, CIMB Research said in its note yesterday.

Thumbs Up to B7 Biodiesel Plan

KUALA LUMPUR: CIMB Research is positive on Malaysia's plan to start implementing the use of B7 biodiesel in stages, starting next month, as this will boost the country's usage of palm oil. "We estimate that the rollout could raise the country's palm oil demand by 263,000-390,000 tonnes per annum, or one to two per cent of the total palm oil production in 2013.

Cimb Upgraded to `Outperform'

KENANGA Research upgraded its call on CIMB Group Holdings Bhd to "outperform" from "market perform", with an unchanged target price of RM7.15. "Reasons for upgrading the stock is CIMB's relative strength index is below the 30-mark, indicating an oversold technical condition.

Taking Islamic Finance to Next Level

ISLAMIC investments today are not only an established but also a rapidly growing asset class. From humble beginnings, and after more than three decades of, at times, hesitant growth, this asset class has broadened and deepened to now provide both an investment alternative for the more than two billion Muslims today, as well as a complement for non-Muslims in the international fund management community. The size of Islamic assets today is estimated at upwards of USD1.8 trillion (RM5.9 trillion...

Brdb Plans to Expand Landbank

SERI KEMBANGAN: BANDAR Raya Development Bhd (BRDB) is planning to expand its landbank to hit an estimated RM25 billion gross development value (GDV) in the Klang Valley alone. Operations director Low Kim Seng said BRDB currently does not possess a huge landbank but is always on the lookout for new and potential land to be developed in the future.

Two Thirds Buyers Likely From Uk

LONDON: TWO thirds of buyers of the third phase of the Battersea Power Station project are expected to be locals from the United Kingdom. Project manager Battersea Power Station Development Company (BPSDC) expects Malaysians to make up less than five per cent of overseas buyers who will likely snap up the first of 529 apartment units of Phase 3, which will go on sale tomorrow.

Mmc-Gamuda Is Pdp for Mrt Line 2

KUALA LUMPUR: MMC Corporation Bhd and Gamuda Bhd have been appointed project delivery partner (PDP) for the Klang Valley Mass Rapid Transit's Line 2, which will link Sungai Buloh, Serdang and Putrajaya. In a filing to Bursa Malaysia yesterday, MMC said it received a letter on Tuesday from Mass Rapid Transit Corporation Sdn Bhd appointing a joint-venture company to be established between MMC and Gamuda Bhd.

Hibiscus Petroleum Inks Rig Share Deal with Australia's Origin

KUALA LUMPUR: Hibiscus Petroleum Bhd has signed a rig share agreement with Origin Energy Resources Ltd for the drilling of an exploration well in VIC/P57 offshore Australia. The company said the agreement was signed between its unit Carnarvon Hibiscus Pty Ltd (CHPL) and Origin, which intends to drill two wells prior to handing over the rig to CHPL.

Msm Eyes Joint Ventures

KUALA LUMPUR: MSM Malaysia Holdings Bhd, the country's largest refined sugar producer, is open to any collaboration with local or foreign sugar companies as part of its plans to become a global player. MSM president and group chief executive officer Datuk Dr Sheikh Awab Sheikh Abod said this includes merger and acquisition or any form of joint ventures as long as it is a win-win situation for both parties.

Islamic Funding Facilities for Battersea Completed

DUBAI: Maybank Islamic Bhd has successfully co-structured and underwritten Syndicated Islamic Facilities for Phase 3 of the Battersea Power Station project in London. Of the total financing of STG467 million (RM2.46 billion),STG200 million was committed by Maybank Islamic, which is the largest financier for the project. The successful completion of these facilities was announced in the presence of Prime Minister Datuk Seri Najib Razak, here, yesterday.

Palm Oil Experts Positive On Rebound in Prices

KUALA LUMPUR: OIL palm planters were a little happier at the recently-concluded Palm Oil Trade Seminar (POTS) 2014 when experts gave hopeful outlook on palm oil prices. Hamburg-based ISTA Mielke GmbH executive director Thomas Mielke started off his forecast of palm oil pricing by assuring planters not to be carried away by bearish sentiment.

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